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Labor market reform and innovation: Evidence from Spain

Author

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  • García-Vega, María
  • Kneller, Richard
  • Stiebale, Joel
Abstract
We analyze the effect of a labor market reform on firms’ product innovation. The reform, which amounts to a natural experiment, differentially reduced firing costs for some firms, thereby lowering adjustment costs in the presence of demand uncertainty. Using a difference-in-differences framework, we show that the reform increased product innovations. We also provide evidence that the reform induced upgrading of product quality and enabled firms to grow faster and enter new markets. The effects are concentrated in industries with high levels of demand volatility and R&D intensity, where flexible adjustments to unexpected shocks are important.

Suggested Citation

  • García-Vega, María & Kneller, Richard & Stiebale, Joel, 2021. "Labor market reform and innovation: Evidence from Spain," Research Policy, Elsevier, vol. 50(5).
    • Handle: RePEc:eee:respol:v:50:y:2021:i:5:s0048733321000172
    DOI: 10.1016/j.respol.2021.104213
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    3. Michele Capriati & Valeria Cirillo & Marialuisa Divella, 2024. "Productivity slowdown across European regions: does non-standard work matter?," Regional Studies, Taylor & Francis Journals, vol. 58(9), pages 1687-1709, September.
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    More about this item

    Keywords

    Innovation; New products; Productivity; Labor market reform; EPL;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies

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